We hear a lot about the advantages of reading expert advisor reviews before you invest in one, but can you actually trust them? There are so many different types of robots and different types of Forex traders, that even if an EA or expert advisor has the best reviews in the world, it still might not work for every individual.
That might be a surprising statement. You can probably imagine that a trading system, which depends on the trader to put it into practice successfully each time, could have very varied results for different people. The assumption is often that robots either work or they do not, and that they will work in the same way for everybody, so that all users make the same profit at all times. But in fact this is not true.
In broad terms of course most traders’ results will follow peaks and downturns at approximately the same time if they are using the same software, but surprisingly, the actual results can be quite different. In fact in some of the expert advisor forums you can find two people using the same EA and one is making a profit while the other is making a loss. So why is this?
There are several factors that contribute to the discrepancy. First, there is the question of currency pairs. Most expert advisors have the potential to work with several currency pairs and they will not always perform equally well with all of them. You can often get better results by concentrating only on the pair or pairs that are the most successful. Expert advisor reviews can…